U.S. Morning Call: Cisco to buy start-up Meraki for $1.2bln

Nov 19 - Networking equipment company Cisco Systems said it will buy privately held cloud networking company Meraki for $1.2 billion in cash as part of its cloud and networking strategy.

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Cisco networks of clout company rocky and -- reports results before the bell let's kick off your morning call for Monday. US stock futures signaling a slightly higher open this morning -- leading lawmakers expressed confidence on Sunday that they can reach a deal to a -- the fiscal cliff. Signs of progress on that front also breathing new life into European shares today they're rebounding from last week's sharp sell off. At 810 and investors will hear more on the health of the US housing sector. Reuters poll expects existing home sales for October to clocking in at an annualized rate of four point seven million a -- of the September figure. Cisco Systems saying it will -- up cloud networking company rocky for one point two billion in cash. Privately held rocky made up of MIT whiz kids will form Cisco's new cloud networking group. As CEO John Chambers moves the company toward new Wi-Fi technology. The deal is expected to close in the second quarter of Cisco's 2013 fiscal year and is subject to regulatory approval. Shares of the IT giant slightly in premarket trading. More deal making this week is Rupert Murdoch says yes to the New York yankees' channel. News Corp. is expected to announce it will acquire -- 49% stake in the yes network according to sources. A deal that would value the sports channel at three billion dollars. The acquisition is structured to allow News -- to eventually acquire control. Up to 80% in 35 years. Some stocks to watch the Wall Street Journal reports that -- will shut down its British brokerage. This has been a tough year for European brokers as many investors quit trading on concerns about the future of the eurozone. Wal-Mart on our radar this morning the story is taking its first legal step. To stop months of protests outside its stores by targeting the union it's as -- behind such actions. Also check out shares of city this morning they're slightly higher in the premarket. The Wall Street -- reports the bank plans to cut 300 sales and trading jobs globally this year. Just a few key names to focus on earnings today let's start with Lowe's shares up over 3% premarket. After the second largest home improvement chain reported a higher quarterly profit. Sales a boost on preparation and rebuilding efforts tied superstar sandy. Tyson Foods also reports earnings before the bell analysts polled by -- -- expected positive predicted surprised at 2.2 percent for earnings per share. That's it for your Monday morning call for more news follow us on Twitter at Reuters Insider in check and our orders YouTube channel at Reuters dot com slash Reuters TV. I'm Lisa Bernhard this is Reuters.